US Now World's Largest Oil Producer

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wackyjacky
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US Now World's Largest Oil Producer

Post by wackyjacky »

I knew this was coming, but not so soon. I thought the US was still behind Russia & the Saudis. LINK: http://business.financialpost.com/2014/ ... =7bd3-825a "The U.S. overtook Saudi Arabia and Russia to become the world’s biggest producer of oil as extraction of energy from shale rock strengthens the nation’s economy, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries in the first six months, the bank said in a report Friday. The country became the world’s largest natural gas producer in 2010. A Commerce Department decision to allow the overseas shipment of processed light oil called condensate has fanned speculation the nation may ease its four-decade ban on most crude exports."
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Sailorman
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Re: US Now World's Largest Oil Producer

Post by Sailorman »

There is more oil on the north slope of Alaska than all of the Middle East, but the US government has locked it up. Got to keep the gas prices high (by the excuse of using expensive shale extraction) so the oil companies can get richer.

BTW/ the corn alcohol that is mandatory in US gas eats the "O" rings in a cars fuel system, especially older cars. Use corn to make alcohol, make it mandatory to add it to gas, make a shortage of feed corn for livestock and the price of food goes up and the big companies like ConAgra laugh all the way to the bank.
wackyjacky
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Re: US Now World's Largest Oil Producer

Post by wackyjacky »

Yup, corn based ethanol is just fucking stupid. All these 'Corn Belt States' may not have many people, but they still have 2 Senators each. It's like the fact that planes, ships, and other weapon platforms that the Pentagon doesn't even want, get built anyway, because the jobs are in a powerful legislator's district. If they did it with Switchgrass on barely arable land, it might make some sense. They're doing it right in Brazil with sugar cane though.
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